TSLA: We hit another target! What's next for Tesla?
Hello traders and investors! Let’s talk about Tesla today! It’s been a while, but here we are!
First, Tesla did what it had to do. As we discussed in my last analysis (almost 2 weeks ago), Tesla did a downwards breakout from its Trap Zone, and it precisely hit our target at $ 620. This was a very technical movement. If you missed my previous public analysis, the link to it is below, as usual.
In the 1h chart, Tesla found a support around the $ 620, and what’s more curious, it is doing a bullish structure. The pink line around the $ 644 is a pivot point, and if triggered, the chances are that it’ll reverse the short-term bear trend seen in the hourly chart.
If it reverses, we could see a rally in the daily chart as well, which we’ll analyze next:
Today’s volume was decent, which is good, and it seems we had a Piercing Line candlestick pattern in the daily chart. It wasn’t a perfect piercing line, I agree, but it really looks like one, and given the signs in the 1h chart, it seems it’ll be triggered soon, if not tomorrow, in the next few days.
Tesla is trapped inside a mid-term congestion, and any bullish rally will find a first resistance around the pink line at $ 718. The 21 ema is not a reliable resistance/support level when we are in the middle of a congestion, so, we’ll ignore it for now.
This is a good sign for Tesla, and if you liked this analysis, remember to follow me to keep updated about my daily studies, and remember to support this idea with your like if you’ve read this far!
Thank you very much!
First, Tesla did what it had to do. As we discussed in my last analysis (almost 2 weeks ago), Tesla did a downwards breakout from its Trap Zone, and it precisely hit our target at $ 620. This was a very technical movement. If you missed my previous public analysis, the link to it is below, as usual.
In the 1h chart, Tesla found a support around the $ 620, and what’s more curious, it is doing a bullish structure. The pink line around the $ 644 is a pivot point, and if triggered, the chances are that it’ll reverse the short-term bear trend seen in the hourly chart.
If it reverses, we could see a rally in the daily chart as well, which we’ll analyze next:
Today’s volume was decent, which is good, and it seems we had a Piercing Line candlestick pattern in the daily chart. It wasn’t a perfect piercing line, I agree, but it really looks like one, and given the signs in the 1h chart, it seems it’ll be triggered soon, if not tomorrow, in the next few days.
Tesla is trapped inside a mid-term congestion, and any bullish rally will find a first resistance around the pink line at $ 718. The 21 ema is not a reliable resistance/support level when we are in the middle of a congestion, so, we’ll ignore it for now.
This is a good sign for Tesla, and if you liked this analysis, remember to follow me to keep updated about my daily studies, and remember to support this idea with your like if you’ve read this far!
Thank you very much!
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